empty
 
 
24.05.2022 09:53 AM
DOGECOIN, Potential For Bearish Continuation | 24th May 2022

This image is no longer relevant

On the H1, price recently broke the ascending trend channel and has bounced off our 1st support at 0.0830. With price moving below the Ichimoku indicator, we have a bearish bias that price will break our 1st support at 0.0830 where the horizontal pullback support is, and drop to the 2nd support at 0.0816 at the swing low. MACD shows a red bearish pressure area and RSI shows a descending trendline, which both support our bearish bias. Alternatively, price may break 1st resistance at 0.0855 in line with the 61.8% Fibonacci projection and head for 2nd resistance at 0.0873 in line with 78.6% Fibonacci retracement and 78.6% Fibonacci retracement at the swing high.

Trading Recommendation

Entry: 0855

Reason for Entry:

Horizontal support in line with 61.8% fibonacci projection.

Take Profit: 0816

Reason for Take Profit: Horizontal swing low

Stop Loss: 0873

Reason for Stop Loss:

Horizontal swing high resistance in line with 78.6% fibonacci retracement and 78.6% fibonacci retracement

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback